Biote Reports Third Quarter 2025 Financial Results

Continued progress against strategic priorities

Repurchased approximately one million shares of Class A common stock

Reiterates 2025 financial guidance

Third Quarter 2025 Financial Highlights

• Revenue of $48.0 million
• Gross profit margin of 71.8%
• Net income of $9.2 million and diluted earnings per share attributable to biote Corp. stockholders of $0.22, compared to net income of $12.7 million and diluted earnings per share attributable to biote Corp. stockholders of $0.33 in the prior year period
• Adjusted EBITDA¹ of $12.9 million and Adjusted EBITDA margin¹ of 26.9%

Biote (NASDAQ:BTMD), a leader in innovative hormone optimization and healthy aging solutions that advance the healthspan of our practitioners' patients, today announced financial results for the third quarter ended September 30, 2025.

"When we undertook our organizational restructuring in May, we identified three strategic priorities: accelerate growth from new providers, maximize value from our top-tier clinics, and improve our financial performance through greater accountability and discipline," said Bret Christensen, Biote's Chief Executive Officer. "In the third quarter, we continued to make progress in pursuit of these goals. We continued to build a more agile, effective and practitioner-focused commercial team that is directly aligned with our growth objectives. Additionally, we strengthened our relationships with existing practitioners by hosting our largest-ever annual practitioner conference and reinforcing our commitment to advancing patient healthspan. Finally, we continued to invest in our core sales and marketing functions, enabling greater operational consistency and execution."

"Overall consistent with our expectations, third quarter procedure revenue was impacted by the ongoing transformation of our commercial team as we continue to recruit new talent and strengthen our capabilities to drive sustainable long-term growth. Looking forward, I remain confident in our direction and our team's ability to successfully deliver on our strategic priorities."

2025 Third Quarter Financial Review

(All financial result comparisons made are against the prior-year period unless otherwise noted)

Total revenue was $48.0 million, a decrease of 6.7% from $51.4 million. Procedure revenue declined 10.4%, partially offset by 8.4% growth in dietary supplements revenue.

Gross profit margin improved to 71.8%, as compared to 70.3%, primarily due to efficiencies gained from the vertical integration of our 503B manufacturing facility and effective cost management.

Operating income decreased 32.1% to $8.3 million due to reduced gross profit and higher operating expenses, due in part to the shift in our annual provider conference to the third quarter of 2025.

Net income was $9.2 million and diluted earnings per share attributable to biote Corp. stockholders was $0.22, as compared to net income of $12.7 million and diluted earnings per share attributable to biote Corp. stockholders of $0.33. Net income for the third quarter of 2025 included a gain of $2.9 million, while net income for the third quarter of 2024 included a gain of $7.2 million due to changes in the fair value of the earnout liabilities for the respective periods.

Adjusted EBITDA of $12.9 million decreased 20.5% from $16.2 million, while Adjusted EBITDA margin declined to 26.9% compared to 31.5%. Both Adjusted EBITDA and Adjusted EBITDA margin decreased from the prior-year quarter due to lower sales, reduced gross profit and higher operating expenses, which included the shift in our 2025 annual marketing event to the third quarter of 2025.

On September 26, 2025, Biote amended its settlement agreement with Marci Donovitz to repurchase her remaining shares at a savings compared to the original agreement. Under this amended agreement, Biote paid Ms. Donovitz $12.5 million dollars in October, which fully settled the multi-year payment obligation.

Subsequent Event

In November 2025, Biote amended its settlement agreement with Dr. Gary Donovitz, to repurchase his remaining shares at a savings compared to the original agreement. Biote agreed to pay Dr. Donovitz $18.5 million in January 2026, which when paid will fully settle the multi-year payment obligation.

Summary and 2025 Financial Outlook

Mr. Christensen concluded, "Biote continues to work closely with our practitioners to advance patient healthspan and restore vitality through our innovative hormone optimization and healthy aging solutions. Over the past six months, we have achieved solid progress against our strategic goals, and we remain focused on driving sustainable growth and building shareholder value over the long term. Supported by our strong liquidity and consistent with our goal to build long-term shareholder value, Biote repurchased approximately one million shares of Class A common stock in the third quarter under our authorized share repurchase program. I am confident Biote remains well positioned to realize our full potential in the underserved market for hormone optimization and therapeutic wellness. We reiterate our 2025 financial outlook, forecasting revenue above $190 million and Adjusted EBITDA above $50 million."

• 2025 Procedure revenue is expected to decrease at a high single-digit percentage rate from 2024, unchanged from prior guidance.
• 2025 Dietary supplements revenue is expected to grow at a mid-teens percentage rate from 2024, unchanged from prior guidance.

Conference Call:

Biote management will host a conference call to review these results and provide a business update beginning at 5:00 p.m. ET on Wednesday, November 5, 2025. To access the conference call by telephone, please dial (844) 481-2820 (U.S toll-free) or (412) 317-0679 (International). To access a live webcast of the call, interested parties may use the following link: Biote Third Quarter 2025 Earnings Conference Call. A replay of the webcast will be available on the Events page of the Biote Investor Relations website, at ir.biote.com, shortly after the event concludes.

Discussion of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, Biote has disclosed Adjusted EBITDA, a non-GAAP financial measure that it calculates as net income before interest, taxes and depreciation and amortization, further adjusted to exclude stock-based compensation, litigation expenses, legal settlements, inventory fair value write-up, transaction-related expenses, restructuring-related expenses, certain other expenses, merger and acquisition expenses, fair value adjustments to certain equity instruments classified as liabilities and other expenses. Below we have provided a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.

We present Adjusted EBITDA and Adjusted EBITDA margin because it is a key measure used by our management to evaluate our operating performance, generate future operating plans and determine payments under compensation programs. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect cash capital expenditure requirements for such replacements of our assets;
• Adjusted EBITDA and Adjusted EBITDA margin do not reflect changes in, or cash requirements for, our working capital needs; and
• Adjusted EBITDA and Adjusted EBITDA margin do not reflect tax payments that may represent a reduction in cash available to us.

In addition, Adjusted EBITDA and Adjusted EBITDA margin are subject to inherent limitations as it reflects the exercise of judgment by Biote's management about which expenses are excluded or included. A reconciliation is provided in the financial statement tables included below in this press release for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including net income and our other GAAP results.

Forward-Looking Non-GAAP Financial Measures

The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of certain information needed to calculate reconciling items. For example, the Company has not included a reconciliation of projected Adjusted EBITDA to GAAP net income (loss), which is the most directly comparable GAAP measure, for the periods presented in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company's projected Adjusted EBITDA excludes certain items that are inherently uncertain and difficult to predict including, but not limited to, share-based compensation expense, income taxes, due diligence expenses and legal expenses. Due to the variability, complexity and limited visibility of the adjusting items that would be excluded from projected Adjusted EBITDA in future periods, management does not forecast them for internal use and therefore cannot create a quantitative projected Adjusted EBITDA to GAAP net income (loss) reconciliation for the periods presented without unreasonable efforts. A quantitative reconciliation of projected Adjusted EBITDA to GAAP net income (loss) for the periods presented would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between projected Adjusted EBITDA to GAAP net income (loss) for the periods presented will consist of items similar to those described in the financial tables later in this release, including, for example and without limitation, share-based compensation expense, income taxes, due diligence expenses and legal expenses. The timing and amount of any of these excluded items could significantly impact the Company's GAAP net income (loss) for a particular period. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis.

About Biote

Biote advances the healthspan of our Practitioners' patients by providing innovative hormone optimization and healthy aging solutions. Through our network of Biote certified providers, we collaborate with leading clinicians to restore vitality and promote vibrant aging.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "hope," "believe," "seek," "target," "continue," "could," "might," "ongoing," "potential," "predict," "would" and other similar expressions, are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: anticipated benefits and successful execution of our organizational restructuring; the success of our dietary supplements to attain significant market acceptance among clinics, practitioners and their patients; our customers' reliance on certain third parties to support the manufacturing of bio-identical hormones for prescribers; our and our customers' sensitivity to regulatory, economic, environmental and competitive conditions in certain geographic regions; our ability to increase the use by practitioners and clinics of the Biote Method at the rate that we anticipate or at all; our ability to grow our business; the significant competition we face in our industry; the impact of strategic acquisitions and the implementation of our growth strategies; our limited operating history; our ability to protect our intellectual property; the heavy regulatory oversight in our industry; changes in applicable laws or regulations; changes to international tariffs, U.S. trade policy or similar government actions; geopolitical tensions; the inability to profitably expand in existing markets and into new markets; the possibility that we may be adversely impacted by other economic, business and/or competitive factors, including the impact of hurricane and other natural disasters; and future exchange and interest rates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and other risks and uncertainties described in the "Risk Factors" section of the Biote's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on March 14, 2025, as supplemented by Biote's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025 and June 30, 2025, and other documents filed by Biote from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Biote assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Biote does not give any assurance that it will achieve its expectations.

Financial Tables

Biote Corp.

Reconciliation of Adjusted EBITDA to Net Income (Loss) (Unaudited)

The following table presents a reconciliation of net income (loss) to Adjusted EBITDA, as well as the calculation of net income (loss) margin and Adjusted EBITDA margin, for each of the periods indicated.

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